Blog
Making Markets…in Senior Community Condos
Today, in January 2020, we are in a market with a lot of skinny deals. Thin margins with a lot of hope embedded in the purchase prices are common. Liquidity is abundant meaning you rarely get paid for providing it. This is one reason why I'm sourcing performing loans...
Real Estate Sum of the Parts Deals, Not Your Typical Value Traps
I’ve seen hundreds of stock pitches that present a company with a hodgepodge of different assets and operating businesses, some of which have no reason to be under the same roof. They’re often valued on a sum of the parts basis based on comparative metrics for the...
Trading Cigar Butts & Deferring Taxes
Show a little faith, there's magic in the nightYou ain't a beauty, but, hey, you're alrightOh, and that's alright with me-Bruce Springstein "Thunder Road" Today I will discuss small deals that aren't beauties. I will show that: You can start small in real estate...
At The Zero Bound – Lend Short, Borrow Long
The Risk Free Rate of return underpins the value of trillions of dollars of assets. As the “risk free” return edges lower, it induces us to purchase risk assets requiring higher expected returns. Because the Dollar is...
Private Lending–Investing In An Uncertain World
As I write this in the summer of 2020, considerable downside risk exists for asset values over the next 12-18 months. COVID-19 rages across the world with America making up an outsized percentage of cases per capita. Besides the enormous human toll, it has also laid...
Pursue Inefficiently Priced Assets With Me
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